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But with several countries facing strong public resistance to efforts to reduce deficits and trim debt, governments needed to find a middle ground.
But in return for such help, which could see the rescue fund buying newly issued debt, governments would have to accept strict conditions on economic and fiscal policy.
To attract investors for all the new debt, governments will have to compete with stock and corporate bond markets for investors' money, hence the rising yields.
But while no one seems to expect the United States to default on its debt, governments elsewhere are girding for the repercussions of the likely tarnishing of America's sparkling credit rating.
Put differently, if Europe wants first-class infrastructure and a comprehensive welfare state without piling up ever more debt, governments need to shake up working habits to generate the growth that spins off tax revenue.
Despite the fact that the world is mired in debt, governments make borrowing costs tax-deductible, cheapening debt and encouraging borrowers to pile on more.Tax breaks for debt come in two principal forms.
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Like mortgages and sovereign debt, government pension promises are specified as fixed entitlements.
Their annoyance has turned to alarm with soaring debt, government bail-outs and threats of expropriation.
They include mortgage assets, equities, corporate debt, government bonds and commercial paper.
Even after modification, $61 out of every $100 earned by the borrower goes to servicing debt, government figures show.
To win them over, he suggested, Republicans should emphasize issues that resonated with them at a time of insecurity, including government spending, debt, government bailouts and terrorism.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com